Bitcoin, Ethereum, XRP Weekly Roundup – October 4, 2024

Bitcoin (BTC), along with Ethereum (ETH) and XRP, had a rough week as macroeconomic conditions remained weak. However, each of the three assets is close to finding a key support level.

BeInCrypto analyzes the three biggest cryptocurrencies and what investors should expect from them in the coming week.

Bitcoin Weekly Package: Price will remain

Bitcoin's price has fallen nearly 6% in the past week, avoiding a major decline over the weekend. BTC is currently trading at $61,334 and is trying to turn $61,868 into a support level. Breaking this resistance is critical to Bitcoin's recovery.

A successful breakout of $61,868 to support could help Bitcoin recover from recent losses. This move could push the price above $65,000, setting the stage for breaking the resistance at $65,292, which is a key level for further upside.

Read more: Half a story of Bitcoin: Everything you need to know

However, if Bitcoin fails to break above $61,868, the bullish view will be rejected. If this strong resistance is not broken, it could lead to a drop to $60,000, which will intensify the bearish pressure.

Ethereum needs support

Ethereum's price has fallen more than Bitcoin, down 9.6% in the past week. This drop brought ETH to $2,378 after crossing the crucial $2,313 support level. Traders are closely watching Ethereum's next move amid this volatility.

Ethereum is now targeting the 23.6% Fibonacci Retracement level turning into support. Known as a bear market support floor, achieving this could give Ethereum the momentum it needs for a potential recovery in the coming days.

Read more: How to invest in Ethereum ETFs?

However, if bearish signals strengthen, Ethereum may face further selling pressure. A fall below $2,313 will invalidate the current breakout outlook, which could push ETH towards $2,223.

XRP is relatively safe.

The price of XRP has been the hardest hit among the major cryptocurrencies, dropping 18% over the past four days. However, the altcoin managed to avoid slipping below the critical 38.2% Fibonacci line at $0.52, which indicates some possibility of a recovery.

A breakout from this support level could push XRP towards the 50% Fibonacci line at $0.55. Breaching this key level is essential for XRP to regain momentum and recover from its recent losses.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

However, if XRP fails to flip $0.55 to support, it may enter a period of consolidation at $0.52 as the lower limit. This refutes the prevailing view and delays further recovery efforts.